What is the best legal framework for an enterprise? An LLC ticks all the boxes so far. To a smaller private firm or a home-run business, it offers solid protection of corporations while bigger ventures are given an opportunity to enjoy the taxation benefits of disregarded entities.
What makes an LLC structure so popular is that it keeps the business owners away from the liabilities of the enterprise. From the very beginning, the owner and firm assets are strictly split since the entity gains a status of an independent legal person. As a result, should the entity be involved in any lawsuits or face any financial issues, its owners and members won’t be responsible for those as physical persons. Likewise, their funds and property are not entitled to be used for settling those company commitments and liabilities.
Along with a remarkable protection level, LLCs boast exceptional flexibility and adaptability no other registered entity can provide. Thus, this legal structure allows choosing a taxation method that will best suit your entrepreneurial scenario at a certain point.
Taxed as unregistered entities by default, LLCs avoid dual taxation and paying income charges at personal and business levels. However, to optimize levies for fast-growing revenues and become pen to third party investments, LLCs could choose to be taxed as corporations.
Though LLCs are registered entities that call for state filing, the formation process is a doddle. It’s just about registering the future company statute with the state. Below, we’ll describe how to file the Articles of Organization in Oklahoma and touch upon a few other related issues.
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In brief, you need to register the Articles of Organization with the state since, without this instrument, your LLC is non-existent.
It’s your major company document that evidences and verifies your Oklahoma LLC formation and brings it to life as a legal entity. It’s the Articles of Organization that give your LLC status of a legal person capable of functioning independently and having its own powers and obligations.
This document also enforces the corporate protections offered to the enterprise owners keeping their assets shielded from the business commitments and issues.
By form and content, an LLC statute is a simple generic document that looks quite similar across the states. In the meantime, though, state-specific LLC laws might have some minor details you should observe to get your foundation instrument accepted and approved by the state. Thus, to launch the preparation of the Articles of Organization in Oklahoma, you should get the following info at hand:
Overall, the Oklahoma Articles of Organization form is one of the simplest out there. There is no need to state the LLC's purpose and specify the management type as well as enter the names of the entity members and managers.
The document is to be signed by a single person who could be your future LLC member, manager, registered agent, or any third person you choose to do the filing job for you.
While the Articles of Organization are a must for LLC registration, there are two more documents you should consider getting for your entity.
The first one is an Operating Agreement, which requires no state registration and is optional in most US states including Oklahoma. However, the importance of this instrument is hard to underestimate.
It’s an internal doc signed by the LLC members to verify their agreements in relation to essential business management and control procedures. It also clarifies the member and manager rights and obligations as well as profit distribution principles to prevent any disputes between the members. As such, this document is a vital tool that ensures smoother and more efficient business operations and reduces the risk of internal problems.
One more important thing to mention is that an Operating Agreement has a priority over default laws, so it’s advisable that you get it in place along with your statute.
The second LLC-related doc is a Certificate of Good Standing. It’s issued by the state office to confirm your entity's legitimacy and compliance with the state requirements. You don’t have to order it along with the Articles of Organization. Normally, it’s provided on demand when required by some of the company vendors, suppliers, creditors, investors, or sponsors.
All in all, filing the LLC statutes is a simple process you can handle on your own. In Oklahoma, you’ll have three filing options to choose from depending on what is more convenient and suitable for you at the moment as well as depending on how quickly you need your entity to be registered.
Download the Oklahoma Articles of Organization template in the pdf format from the Secretary of State’s website and fill it out on your PC before printing or complete it by hand after printing. Then pay a compulsory filing fee of $100 to the regulator and mail your statutes along with a payment check to the following address:
Secretary of State
421 NW 13th Street
Oklahoma City, OK 73103
Mailed applications are usually reviewed within 7 to 10 workdays, and approved docs are sent back by mail. You’ll get a hard copy of your LLC statute signed and sealed by the Secretary of State and a Certificate of Organization, which is a more formal instrument.
Want to know the requirements for articles of organization in other states? Select state:
To place an online application, you’ll have to set up a personal account on the business page of the Oklahoma Secretary of State’s web platform first and then proceed to fill out an online form. The whole process is fairly intuitive since you will just have to fill out the blanks.
During checkout, you’ll have to pay a $100 filing fee using your credit card info. Online orders are considered and registered within about 2 business days. You’ll get your approved instruments by email.
It’s the fastest filing method for those who reside in Oklahoma City or have an opportunity to come to the state office in person and hand in the documents. By bringing the documents to the Secretary of State on weekdays, you can get your approved statute back in about an hour. The filing fee is a bit more expensive, though, and amounts $125 since it covers a $25 rate for speedy processing.
When your Oklahoma statute is approved by the state, your LLC is considered formed in the state of Oklahoma and the formal registration is over. However, there are more formalities to match and regulations to observe to lawfully run your enterprise in this state. When you already have a legal entity, consider doing the following:
|Address:||Oklahoma State Capitol Bldg., Room 122|
2300 N. Lincoln Boulevard
Oklahoma City, OK 73105
|Open hours:||Mon-Fri: 8 a.m. - 5 p.m.|